Best practices in Market Research/Consumer & Shopper Insights Kamal Sharma, Hershey Canada and Susan Innes, BMO Financial Group #MRIA15 #MRX
Live blogged from the 2015 MRIA National Conference in Toronto. Any errors or bad jokes are my own.
Best practices in Market Research/Consumer & Shopper Insights
Kamal Sharma, Hershey Canada and Susan Innes, BMO Financial Group
- Have you ever felt that you could get better insights if…. 🙂
- Client side researchers need to ask questions up front before reaching out to a supplier
- Questions to help with transparency – WHY are you doing the resaerch, HOW will the research be used, WHAT business decisions will be made, WHO do you want to speak to, WHERE do you want to do the research, WHEN do you need this information, HOW MUCH are you willing to spend
- Budget sometimes dictates what research gets done
- Is management using this or lower level employees? Is it strategy or tactics or product?
- Put your specific requirements in the RFP – e.g., do you want daily updates on recruitment efforts
- If you know someone hates pie charts or loves bar charts, then the client needs to tell the vendor. The vendor needs to know the hot buttons, the dreaded words, the current fads, or the project will fail.
- If incremental costs occur, say so immediately. Have a conversation right away.
- Decision makers value variety of sources. Only 1 in 5 marketers are familiar with data [that’s really sad]
- When you lack synthesis skills, decisions can be disputed, performance measures are misleading, opportunities are overlooked. Marketing researchers can help with this.
- Address conflicting information in research findings – changing sample sizes, different demographics, different questionnaires, timing
- You need a lean and scaleable data management/integration tool. It should allow you to identify errors.
- Topic shift…
- Think about millennials – aged 16 to 34 – compulsive buyers, purchase snacks for instant consumption, choose items based on taste and accessibility and ease of rationing, brand loyal; they want to support causes – Toms 1 for 1 shoes
- Prefer fresh organic food and prepared to pay a premium
- Millennials like a variety of stores, enjoy specialty stores
- marketing to millennials – word of mouth is important but social media makes it happen a lot more quickly, think of Lay’s chips create your own flavour, market your products from a good for you point of view, nostalgia requires you connect with people on an emotional level, use lots of vibrant colours
- Topic shift….
- Client side researchers are looking for answers to questions not 200 pages of descriptive statistics
- When you go into a meeting, have a one page bullet point of meeting notes. You may not get answers but you ought to ask the questions.
- Nail the business question up front so the data answers the question being asked.